The Bank of India (BoI) on Sunday announced a 35 basis point cut in the interest rate on housing loans and a 50 basis point cut in the interest rate on car loan. The new interest rates are effective from October 18, 2021 until December 31, 2021.

After the reduction, interest rates on housing loans will start at 6.50 percent compared to the current rate of 6.85 percent and interest rates on car loans will start at 6.85 percent compared to 7.35 percent. One basis point is equal to one hundredth of a percentage point.

The public sector bank said in a statement that this special rate, which is part of the festive offer, is available to customers applying for new loans and also to those seeking to convert loans.

Processing fees for both home and vehicle loans have also been waived until the end of December 2021.

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